Assume that the City of Juneau maintains its books and records to facilitate the preparation of its government-wide financial statements.The city pays its employees bi-weekly on Friday.The fiscal year ended on Wednesday, June 30.Employees had been paid on Friday, June 25.The employees paid from the general fund had earned $90,000 on Monday, Tuesday, and Wednesday (June 28, 29, and 30) .They will earn $60,000 on Thursday and Friday (July 1 and 2) .What entry, if any, should be made on June 30?
A) Debit Expenditures $90,000; credit Wages and salaries payable $90,000.
B) Debit Expenditures $150,000; credit Wages and salaries payable $150,000.
C) Debit Expenses $90,000; credit Wages and salaries payable $90,000.
D) No entry is required.
Correct Answer:
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